Archer Aviation (NYSE:ACHR) Sees Unusually-High Trading Volume - Here's Why

Key Points

• Archer Aviation's trading volume soared to approximately 112.9 million shares, marking a 234% increase from the previous session's volume.
• JPMorgan Chase upgraded their price target from $9.00 to $10.00, while Needham & Company set a price target of $13.00, contributing to the stock's consensus rating of "Moderate Buy".
• Insider sales included a transaction where Eric Lentell sold 48,936 shares, resulting in a 50.74% decrease in his ownership stake in the company.

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) saw unusually-strong trading volume on Monday . Approximately 112,915,656 shares changed hands during mid-day trading, an increase of 234% from the previous session's volume of 33,803,641 shares.The stock last traded at $13.47 and had previously closed at $11.57.

Analysts Set New Price Targets

ACHR has been the subject of a number of research reports. Canaccord Genuity Group reissued a "buy" rating on shares of Archer Aviation in a research note on Thursday, July 17th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Archer Aviation in a research report on Saturday, September 27th. JPMorgan Chase & Co. boosted their price target on shares of Archer Aviation from $9.00 to $10.00 and gave the stock a "neutral" rating in a research report on Friday, August 1st. Needham & Company LLC reaffirmed a "buy" rating and set a $13.00 price target on shares of Archer Aviation in a research note on Tuesday, August 12th. Finally, UBS Group reaffirmed a "buy" rating on shares of Archer Aviation in a report on Thursday, July 17th. Seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $13.43.

Archer Aviation Price Performance

The company has a debt-to-equity ratio of 0.05, a quick ratio of 22.30 and a current ratio of 22.30. The company has a market capitalization of $8.79 billion, a P/E ratio of -10.10 and a beta of 3.06. The firm's fifty day moving average is $9.55 and its 200 day moving average is $9.56.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its earnings results on Monday, August 11th. The company reported ($0.36) EPS for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.12). As a group, analysts predict that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Activity at Archer Aviation

In other news, insider Eric Lentell sold 48,936 shares of Archer Aviation stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $9.83, for a total transaction of $481,040.88. Following the completion of the sale, the insider owned 47,518 shares of the company's stock, valued at approximately $467,101.94. The trade was a 50.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Tosha Perkins sold 42,775 shares of the firm's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $9.83, for a total value of $420,478.25. Following the transaction, the insider owned 295,337 shares in the company, valued at approximately $2,903,162.71. This represents a 12.65% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 188,068 shares of company stock valued at $1,848,708. Company insiders own 7.65% of the company's stock.

Institutional Investors Weigh In On Archer Aviation

A number of large investors have recently modified their holdings of the business. Farther Finance Advisors LLC raised its stake in shares of Archer Aviation by 45.7% during the 2nd quarter. Farther Finance Advisors LLC now owns 3,524 shares of the company's stock valued at $38,000 after buying an additional 1,106 shares during the last quarter. Moody National Bank Trust Division increased its stake in Archer Aviation by 0.7% during the 2nd quarter. Moody National Bank Trust Division now owns 169,345 shares of the company's stock worth $1,837,000 after buying an additional 1,211 shares in the last quarter. GPS Wealth Strategies Group LLC raised its stake in Archer Aviation by 23.7% in the 2nd quarter. GPS Wealth Strategies Group LLC now owns 6,614 shares of the company's stock valued at $72,000 after purchasing an additional 1,269 shares during the last quarter. Purus Wealth Management LLC boosted its position in Archer Aviation by 9.9% during the second quarter. Purus Wealth Management LLC now owns 14,865 shares of the company's stock worth $161,000 after acquiring an additional 1,340 shares during the last quarter. Finally, Kestra Private Wealth Services LLC boosted its holdings in shares of Archer Aviation by 8.7% during the 1st quarter. Kestra Private Wealth Services LLC now owns 17,018 shares of the company's stock worth $121,000 after purchasing an additional 1,358 shares during the last quarter. Hedge funds and other institutional investors own 59.34% of the company's stock.

About Archer Aviation

Archer Aviation Inc, together with its subsidiaries, engages in designs, develops, and operates electric vertical takeoff and landing aircraft for use in urban air mobility. The company was formerly known as Atlas Crest Investment Corp. and changed its name to Archer Aviation Inc The company is headquartered in San Jose, California.

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